en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Alice has 1,857 in a savings account that earns 14% interest, compounded annually.To the nearest cent, how much will she have in 4 years?

Solution

A l i ce ha s 1, 857 in a s a v in g s a cco u n t t ha t e a r n s 14% in t eres t, co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll s h e ha v e in 4 ye a rs ?

Solution

Amount : 3136.4

Solution steps

Translate the problem into an equation:

A = 1857 (1 + \frac{0.14}{1})^{1 \cdot 4}

1857 (1 + \frac{0.14}{1})^{1 \cdot 4} = 3136.39901 \dots

Round to the nearest hundredth:

3136.4

Amount : 3136.4

Popular Examples

How long will it take for a 5000 investment to grow to 7945 at an annual rate of 8.6% compounded semiannually?What is the interest of 0.9 dollars if invested at 2.25% compound annually in 1000 years?6 years ago, the age of Jem was thrice the age of Min. The sum of their present ages is 36. Find the age of Jem, 7 years from now Kim’s father is now 2 1/2 as old a kim. ten years ago he was 4 times as old as kim I am 24 years old. I am 3 years older than Ana.